Signs of stability in Perth's rental market
Leasing activity in the Perth metro area is up four percent in the three months to October compared to the three months to September according to REIWA.
Rental listings fell in the three months to October, down two percent on the three months to September.
Hayden Groves, REIWA president said the average number of days it took to lease a rental was unchanged at 53 days and the vacancy rate for October was reported at 6.9 percent.
"All sub-regions in the metropolitan area experienced increases in activity, with the South East and Central sub-regions the stand out performers, lifting seven and five per cent respectively over the three month period," he said.
“Perth’s rental market has certainly presented its challenges in recent times, however it’s pleasing to see that leasing activity is healthy across the metro area. Tenants clearly recognise that there is a good opportunity in the current market to secure themselves a new lease at a more affordable price.
“Although listings remain at elevated levels, we are seeing signs that stock volumes have begun to stabilise with the rate of increase slowing in recent months. There was also little change to Perth’s overall median rent price in the three months to October, with the price adjusting back slightly to $365 per week.
“While the Perth rental market clearly still presents some difficulties for investors, it’s important to remember that although rents have fallen so too have interest rates with many investors able to ride out the downturn as a result. Perth investors are well advised to heed the advice of their property managers to help ensure their rental appeals to tenants in what is a competitive market."
